OceanFirst Financial has acquired Sun Bancorp, the holding company for Sun National Bank, in deal valued at $475m.
The deal gives OceanFirst Financial, the holding company for OceanFirst Bank, a bigger foothold in southern New Jersey.
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Sun National Bank will continue to operate as a separate division until the integration of operating systems is completed in June this year.
Following the completion of the integration, Sun National Bank will be rebranded as OceanFirst Bank.
OceanFirst had assets of $7.6bn, loans of $5.5bn, and deposits of $6bn as at 31 December 2017.
Commenting on the deal, OceanFirst chairman, president and CEO Christopher Maher said: “We are pleased to welcome the Sun customers and employees as OceanFirst continues our strategic growth with our fourth whole bank acquisition.
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By GlobalData“The completion of this acquisition reflects many milestones for our organization including the conversion of OceanFirst Bank to a national commercial bank charter.” Maher added.
“Our commitment to delivering extraordinary customer care with exceptional financing solutions and banking services throughout our market while creating additional value for our stockholders remains the focus for our entire OceanFirst team.”
